US President Trump spoke on trade at the Economic Club of New York on Tuesday with a positive view on a China trade deal, but also with threats of further tariffs if a deal was not made. Then Thursday evening saw Larry Kudlow (economic advisor at the White House) signal a deal with China was … Continued
Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in-Chief for FXExplained.co.uk, the Academic Dean for The London School of Wealth Management, plus Senior Investment Advisor at Kylin Prime Capital.
At FXExplained.co.uk Steve is the Editor-in-Chief, alongside producing numerous articles for the site. The ability to be able to reach out to a wide, global audience with his own analysis and also assist and nurture other authors in their creative process makes this a role that Steve values deeply.
The Market Chartist
The Market Chartist was founded in 2012 and provides daily technical analysis reports, with written commentary and key support/ resistance levels to an institutional, professional and retail client base. The 30+ daily reports include European, UK and US Bonds & Equity Index Futures, G10 currencies, UK Natural Gas, TTF Gas, German Power, EUA Emissions and LME Base Metals.
As The Market Chartist, Steve has won many awards from the Technical Analyst Magazine. He was the 2016 & 2013 Winner (plus 2014 Runner Up) for Best Independent Fixed Income Research & Strategy and winner of Best FX Research & Strategy in 2012. He was also a finalist in the Technical Analyst of the Year category each year for 2012-2017.
Other Current Positions
Steve is also the Academic Dean for The London School of Wealth Management, a role he really enjoys. He appreciates the opportunity to be able to educate a diverse array of students in all aspects of the financial market’s world. Steve says “to be able to be a part of transforming an individual’s life through education is truly a privilege and very exciting”.
In his role as Senior Investment Advisor at Kylin Prime Capital, Steve supports and advises the investment management team by employing his extensive fundamental market experience, alongside his wealth of technical analysis knowledge. This allows him to add significant value to investment decisions.
Steve also writes extensively for numerous financial markets sites including: FxStreet.com, TechnicalAnalyst.co.uk, InsideFutures.com, BarChart.com, StockTwits.com, StockBrokers.com, AskTraders.com and Investing.com.
Previous to this, Steve was also a Senior Lecturer at The London Academy of Trading where he fully began his journey into the world of education. It was here that he honed his skills as a lecture and mentor in the world of financial markets education.
Vast Technical Analysis Experience
Steve has also helped technical analysis push into a new era in his previous role as Director at Vega Insight. Vega Insight is a relatively new company with a specific focus on Artificial Intelligence and Machine Learning in global commodity and broader financial markets, with special focus on Energy. In his role Steve was responsible for the technical analysis inputs to the Artificial Intelligence and Machine Learning.
Steve spent 2009-2012 as a Director in the Technical Analysis Research Strategy team at Credit Suisse. Steve managed the FX division, responsible for the reports, forecasts and bank wide research for G10 & Emerging Markets currencies. In this role he also covered all major asset classes including Equity Indices, Rates & Credit, plus Commodities.
Steve spent most of his career at Merrill Lynch for 15 years from 1994-2009. The last ten years was as a Vice President in the research department as a technical analyst, responsible for daily reports, client presentations, plus in-house and client education programs. Prior to this, Steve was in the Fixed Income derivatives sales team where he managed the Italian Futures desk (BTP and EuroLira) on LIFFE (the London International Financial Futures Exchange). He was responsible for a four-man sales team, who consistently produced high volume of sales from both in-house and external clients.
He is a Member of the Society of Technical Analysts (MSTA) and holds a Master’s degree in politics, Philosophy & Economics from Oxford University (Lincoln College).
In this article we are going to take a look at the history of Contract for Difference (CFD) Trading, what CFD Trading is and what are the advantages. We will also focus on Forex Trading, which is really just a subset of CFD Trading and also look at Spread Betting and how Spread Betting accounts … Continued
The US Dollar has remained firm, though slightly hesitant driven by positivity from the US-Sino trade talks and upbeat comments from various Fed speakers on the US economy. The Forex Zone looks at day trade possibilities and forecasts for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Prod at key 1.0989 A … Continued
A Thursday rebound to reject the minor Wednesday setback that held above the 1.2815/1.2799 support area, to retain upside forces from Monday’s surge up through the November down trend line and also 1.2832 and 1.2878 resistances, to leaves risks higher for Friday. We see an upside bias for 1.2898; break here quickly aims for 1.2917 and maybe notable 1.2976. … Continued
EURUSD remains vulnerable into Thursday with both potentially negative influences on the Euro side and possibly positive impacts on the US Dollar side. Today the focus will be on Jerome Powell’s second day of testimony to Congress, with Eurozone GDP earlier this morning. We continue to see risks for a more negative outcome on the … Continued
A much-hyped speech from US President Trump on the US-China trade talks Tuesday had muted impact as the major US equity averages probed higher hitting new all-time highs ahead of the speech. There was nothing particularly new from President Trump highlighting a phase one deal was close, but also stating that if an agreement was … Continued
The spotlight shifted to the UK on Monday, where general election politics had a significant impact on the Pound. Nigel Farage stated that the Brexit Party would not put candidates up for election in those parliamentary seats that were won by the Conservative Party in 2017. This is seen as a positive for the Tories, … Continued
The trade talks between the US and China saw positive soundings from both sides. There were rumours of a delayed deal signing (from November back to December), BUT both sides are said to be considering rolling back tariffs as part of the Phase One deal (though Trump stated Friday he had not agreed to this). … Continued
The US Dollar has seen a strong recovery over the past week in reaction to the early November publication of the October US Employment report, which was very robust. The recovery has been assisted by broadly positive news flow from the US-China trade talks. The Forex Zone spotlights day trade views for the major Forex … Continued
The macroeconomic spotlight Thursday is on the Bank of England Meeting and no changes in interest rates are expected. Financial market participants will focus on the any change in tone given shifts in UK economic political backdrop with the calling of a general election since the last meeting. The US Dollar has stayed firm this … Continued
The US Dollar has rallied recently as US Treasury Bonds have continued to slide lower in price (to higher yields), with these safe haven assets losing their appeal as global financial markets stay within the current “risk on” environment. This lower yield move has encouraged a strengthening of the US Dollar, with the US currency … Continued
Tuesday has already seen the Reserve Bank of Australia (RBA) leave interest rates unchanged at their meeting but signal again that a ‘gentle turning point’ appears to have been reached in the economy. This has seen the Australian Dollar perform well versus the US Dollar overnight as the tone continues to shift to more positive, … Continued
The Federal Reserve met last Wednesday and as markets had priced in, a third 2019 rate cut for 2019 was delivered by the Federal Open Market Committee (FOMC). The FOMC also indicated a pause, that the “mid-cycle adjustment” was complete (for now). US equities and stock averages pushed higher (as did global share markets), whilst … Continued
The US Dollar sold off across the board from Wednesday after the Federal reserve cut interest rates, leaving the immediate risks for the greenback lower into today’s US Employment report. The Forex Zone highlights day trade ideas for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bull theme intact A Thursday … Continued
The key focus Wednesday was on the Federal Open Market Committee Meeting and as expected a third rate cut for 2019 was delivered by the Fed. Although the Federal Reserve did indicate that the “mid-cycle adjustment” was likely over and they were on pause, markets reacted as if the Fed were dovish, with US Bonds … Continued
The US Dollar has moved even more into the trading spotlight over the past 24 hours as markets eye the Fed Meeting today (Wednesday 30th October). Markets are anticipating a rate cut, the third in this mid-cycle adjustment, but also with possibility of a slightly less dovish tone (de facto more hawkish), with expectations growing … Continued
A surge higher for global stock averages over the past 24 hours, buoyed by rhetoric on progress between the US and China in the ongoing trade talks, plus the EU committing to an extension until 31st January 2020 for the Brexit process. Despite disappointing earnings from Google parent Alphabet after the close, US equity averages … Continued
In this article we are going to look at the British Pound, the world’s oldest, still used currency. We will explore the Pound in a historical context, looking at its roots in the Forex market, we will follow the Pound into the modern era and on into the recent Brexit saga. We will also look … Continued
The Brexit process was paused in the UK last week as the Government lost the control of timetable for their new Withdrawal Agreement Bill (new Brexit deal). The Government looked to break the deadlock by calling a general election on 12th December, with a vote timetabled for today (Monday 28th), through it seems unlikely to … Continued
The US Dollar stays broadly weak (apart from a rebound late in the week), whilst October GBP strength sees a correction. The Forex Zone highlights day trade ideas for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bias switches lower A Thursday rally, failure and selloff for a bearish outside pattern … Continued
A surge higher for the FTSE 100 over the past 48 hours has seen a break above a key October peak for a more positive technical outlook (see below for full technical analysis details). This has been assisted by the corrective weakness in the Pound since Tuesday, on the back of the government suspending the … Continued
A dip lower for the Euro on Tuesday give concerns regarding Brexit. The UK Parliament agreed to progress the Brexit deal but then took control of the timetable, which the government would not accept. The government then paused any further passage of the Brexit bill as Boris Johnson stated that he would await the response … Continued
The Pound has stayed strong on global Forex markets, despite disappointment at the weekend, with the so called “Super Saturday” not so “Super” as the Government failed to progress its new Brexit deal with the EU. However, the new Brexit deal just seems on course to be pushed through Parliament before the 31st October deadline, … Continued
The UK Government last week built on the prior week’s breakthrough with the Irish Government with UK and European Union agreeing a new Brexit deal. The attention turned to the UK Parliament Saturday for a meaningful vote on the new deal, but the Letwin amendment (an insurance policy to ensure that a no deal Brexit … Continued
A new Brexit deal has seen the GB Pound surge once more against major currencies with GBPUSD nearly hitting 1.30, whilst the US Dollar stays broadly weak. The Forex Zone highlights day trade ideas for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Intermediate-term bull shift above key 1.1110 (as flagged) … Continued
The US Dollar remains on the backfoot across major currencies (apart from the safe-haven Japanese Yen), with the USD weakening due to a global “risk on” scenario and with ongoing anticipation of further easing from the US Federal Reserve into latter 2019. Alongside this US Dollar weakness, the Euro has advances on growing hopes and … Continued
European stock markets and equity indices surged higher again Tuesday with ongoing positive comments from Brexit negotiations. This has built on the constructive breakthrough last week and also on the positive US-Sino trade talks. In addition, US earnings season started in earnest Tuesday with a host of financial companies reporting, with earnings and revenues in … Continued
Positive soundings last week on Thursday from talks between the UK and Ireland and then Friday between the UK and EU regarding a possible Brexit deal breakthrough have assisted global stocks higher and a stronger Pound. GBPUSD surged from 1.22 to 1.27 on Thursday-Friday. Concerns regarding a breakthrough over the weekend saw Sterling dip on … Continued
Geopolitics came back with a bang last week with a Thursday breakthrough in Brexit negotiations as the Governments in the UK and Ireland declared progress regarding the issue of the Irish border and backstop. This advance was reinforced Friday after positive talks between UK officials and those in the European Union, with more intensive talks … Continued
Brexit deal hopes has seen the UK Pound surge against the US Dollar late this week. Moreover, a recovery in equity indices over the past week has seen a switch back towards a “risk on” theme, with the perception still that the US Fed will cut rates again into year-end. This has left the US … Continued
A move to higher yields for European Government Bonds given the tensions in Syria and Turkey, which has seen the Euro rally over the past 24 hours. In addition, we see a still vulnerable US Dollar, as the deteriorating US economic data in October has been reflected by a perception of a more dovish Fed, … Continued
A plunge lower for the US Dollar last week after very negative US ISM Manufacturing and Non-Manufacturing data highlighted that the global slowdown is significantly impacting the US economy. A respite for the US$ after Friday’s firm US Employment report with a USD rebound, but the US Dollar’s negative tone has started to resurface into … Continued
A plunge lower last week with global share markets plummeting in the wake of very negative, US ISM Manufacturing and Non-Manufacturing data, plus the heightened tension from the WTO ruling in favour of the US over the EU. However, the intraday rebound from last Thursday through Friday’s US Employment report and again to start this … Continued
A weaker US Dollar this week with a global and more specifically US risk off theme emerging, with trade tension escalating to Europe and poor US ISM Manufacturing data highlighting US economic weakness. The Forex Zone looks at day trade set ups for the major Forex pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: … Continued
A plunge lower Wednesday for the FTSE 100, the UK’s broad, benchmark stock index, with global share markets also plummeting. This has been in the wake of Tuesday’s very negative, US ISM Manufacturing data, highlighting a slowing US economy. Concerns that the US economy is now being impacted by the global trade war and economic … Continued
A plunge lower for the Australian Dollar to start October having already been weakened through latter September, as the Australian economy continues to weaken with risks growing for a possible rate cut. This has echoed ongoing, global geopolitical concerns from the US-Sino trade war, the Chinese slowing of economic data, Middle East tensions and the … Continued
Indecision around UK politics remains to the fore with more than just confusion regarding the path of Brexit into the end of this month, with the 31st October now looming. The UK political backdrop is very fragile, with outcomes very difficult to predict for the coming days, weeks and months. Our best guess is for … Continued
Recap: Trump impeachment enquiry and UK politics to the fore The main event last week was the publication of the conversation between US President Trump and the Ukrainian President. Subsequently, Nancy Pelosi (the House of Representatives Speaker), has initiated an impeachment inquiry into President Trump’s actions. The impact on riskier assets classes (notable stock markets) … Continued
A broadly stronger US Dollar over the past week is the main theme across global Forex pairs. The Forex Zone focuses on day trades for the major currency pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bear theme further reinforced A Thursday selloff to probe below the multi-month lows at 1.0926/24 and reinforce Wednesday … Continued
The US Dollar stays broadly strong, with the US currency rallying at times this week (and in fact over recent weeks) in both risk on and risk off scenarios. Risk off – The USD saw strength earlier this week on the Trump impeachment threat (although the greenback did lose ground versus the Japanese Yen) Risk … Continued
A broader risk off scenario has taken hold this week, with global stock averages signalling short-term topping patterns. This has been a reaction to various factors including trade war concerns, Middle East tensions and more recently the heightened impeachment threat to US President Trump. This has produced a “flight to quality” across asset classes with … Continued
The Pound rallied to a new recovery high late last week after hopes of a Brexit deal were increased by positive comments from the ECs Junker. However, these hopes were subsequently dashed by various sources including comments from Ireland that a deal was still a long way off, which has seen the Pound falter back … Continued
The geopolitical driven event last week was the aggressive oil price surge in reaction to the attacks on the Saudi Arabian oil fields. The oil price quickly reversed back lower, however, as it materialised that the output shortfall would not be as drastic as first supposed. BUT Saudi Arabia have stated they see Iran as … Continued
An erratic tone across FX markets in the wake of a rate cut from the Fed. The Forex Zone focuses on day trade opportunities for the major Forex pairs; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Bias stays higher A resilient consolidation Thursday after Wednesday’s setback held above 1.0989/80 supports, to sustain upside forces … Continued
The Fed cut rates as many forecasters had expected on Wednesday 18th September by 0.25%. However, they also signalled that they are now likely on hold, with another rate cut probably unlikely in 2019. Global equity averages initially turned lower, but then US markets staged strong rebounds into the close on Wednesday, though have drifted … Continued
Here at FX Explained we have looked at the importance of macroeconomic data on domestic economies in our educational video and article Fundamental Analysis, in our Master Academy series. This “big picture” data can provide an insight into the overall state of a domestic economy and assists traders and investors in their decision making processes … Continued
USDJPY keeps plugging higher, despite the modest shift back towards a risk off environment this week in the wake of the weekend attacks in the Middle East and the surge (and subsequent setback) in the oil price. However, this has NOT seen the Japanese Yen as the main, go to safe haven, with the US … Continued
Heightened tensions over the weekend with the attacks on the Saudi Arabian oil plant, which has sent the oil price higher by a record margin. This has seen global equity markets setback after strong gains in the first half of September. However, these setbacks have been modest, with stock indices showing resilience over the past … Continued
Recap: Middle East Tensions Rise as Trade War Pressures Ease Saturday saw attacks on two oil plants in Saudi Arabia, which could interrupt more than half of the Kingdom’s oil production. This supply cut is expected to send oil prices surging higher Monday. Although the attacks appeared to originate from the Yemen, the US has … Continued
The US Dollar and the Japanese Yen weaken as the risk on environment continues. The Forex Zone looks at day trade themes for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Risks flip back higher A very whipsaw session Thursday through the ECB with an initial selloff through to just hold … Continued